EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd decreased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,848 shares of the real estate investment trust’s stock after selling 103 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in EastGroup Properties were worth $1,845,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. F M Investments LLC acquired a new stake in EastGroup Properties in the second quarter valued at approximately $4,296,000. American Capital Advisory LLC raised its holdings in shares of EastGroup Properties by 15.0% in the 2nd quarter. American Capital Advisory LLC now owns 1,035 shares of the real estate investment trust’s stock valued at $190,000 after purchasing an additional 135 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of EastGroup Properties by 8.0% during the 2nd quarter. Panagora Asset Management Inc. now owns 4,696 shares of the real estate investment trust’s stock worth $799,000 after purchasing an additional 347 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of EastGroup Properties by 4.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,314 shares of the real estate investment trust’s stock worth $3,285,000 after purchasing an additional 751 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in EastGroup Properties by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 479,323 shares of the real estate investment trust’s stock valued at $81,533,000 after buying an additional 2,418 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Analysts Set New Price Targets

EGP has been the subject of several analyst reports. Evercore ISI upped their price objective on EastGroup Properties from $188.00 to $192.00 and gave the stock an “in-line” rating in a research report on Wednesday. Royal Bank of Canada upped their price target on EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a report on Tuesday, July 30th. Wedbush raised their price objective on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Barclays upped their target price on shares of EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Finally, Morgan Stanley lifted their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, EastGroup Properties currently has an average rating of “Hold” and a consensus target price of $189.53.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $186.40 on Friday. The company has a market cap of $8.97 billion, a P/E ratio of 40.43, a price-to-earnings-growth ratio of 2.93 and a beta of 0.98. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $192.61. The business has a fifty day moving average of $181.22 and a two-hundred day moving average of $174.08. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The company had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. During the same quarter last year, the business earned $1.89 EPS. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. As a group, analysts predict that EastGroup Properties, Inc. will post 8.3 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $1.40 dividend. The ex-dividend date is Monday, September 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.00%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio is currently 121.48%.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.